What is Your Home’s Market Value vs Assessed Value

When it’s time to sell your Charlotte home, there can be some confusion when determining the value. If you REALLY want to know what it is worth, you can pay to have an appraisal done. An agent should be able to provide you with detailed CMA reports, letting you know what is going on in your neighborhood. Knowing the differences in these home values can set you set your ideal asking price!

Market Value by Definition:

According to Fannie Mae, “Market value is the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.”

Basically, this is the amount you can expect to get if you keep your house on the market for a few months provided everything goes smoothly and you have potential buyers coming to see your home on a regular basis.

Assessed Value by Definition:

According to Investopedia, “An assessed value is the dollar value assigned to a property to measure applicable taxes. Assessed valuation determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration.”

Understanding assessed value can be a bit confusing. County property accessors give values to homes for tax purposes, however, these values are not reflective of changes in market value. The difference between the assessed value and the market value is known as the equalization rate. This rate is used by the county to figure your actual property value.

Appraised Value:

But wait, there’s more. Your appraised value can differ from both of these. An appraisal is done by a licensed professional who rigorously checks all aspects of the home. While they might be 100% correct, this is still the opinion of one. Whereas other methods are mathematically calculated based off of your home’s history and market conditions.

What The Internet Has To Say About It:

The large real estate sites have their own formulas for determining property values. These values are broad, and based on market conditions and information entered by users on the site directly. They do not always accurately reflect YOUR home personally. Think of it as Kelly Blue Book for cars. It is a close guess but determining what the ACTUAL market value can be much different. People report seeing these numbers off by $20k, $50k and even more!

What it Means For You As A Seller:

Do your homework! Make sure you have all the numbers listed above and understand terms such as the equalization ratio and fair market value. Make sure you are working with a true professional who can help you to accurately determine the market value of your home.

Setting a great asking price is critical. You do not want to set it too high and have to repeatedly lower it to get buyers in the door. Your pricing history is public information, and repeatedly lowering your price can make buyers think there is something wrong with it. And for obvious reasons, you don’t want to set your asking price too low. To get the price you want you must exercise patience and make sure you are working with a true professional in Charlotte.

If you want to learn more about the best ways to sell your Charlotte area home, send us a message here or give our office a call now! 888-277-2711

Comments are closed.

Satisfied Home Seller Testimonial

Fair House Offer Customer Review

Giving Back

Here What Others Say About Us…

Suzanne N.

"Fair House Offer were very professional and handled everything quickly. They offered my fiancé and I a fair price and closed quickly. I highly recommend them if you are wanting to sell your house fast and not have to worry about it." -November 2015

James P.

Candise Helwich

“I had a very stressful and complicated Real Estate problem whereby I owed much more than my house was worth and as a result could not sell my property. I could not afford to make the mortgage payments either. Fair House Offer stepped in and took over payments and allowed my family and I to get from under the stress that house was causing us. I am very appreciative of Fair House Offer and recommend them to anyone going through a similar situation.” -July 2015

Harold G.

"I called Fair House Offer and they came over to look at the house right away. They gave me a very fair offer. I needed to sell quickly and we were able to close in 9 days. Ashley with Fair House Offer also arranged for them to help move my belongings since I did not have any many family or friends to help me with the large, heavy furniture. I highly recommend Fair House Offer and Ashley to anyone looking to sell their house fast and at a fair price." - June 2015

Talisha W.

Rita Stokes

John Michael

"Quite often investors are willing to pay cash for a home and with the recent tightening of financial restrictions, coupled with the growing number of complaints about low appraisals, having a cash buyer has become even more appealing."

"I was in need of selling my house fast and contacted Fair House Offer and Swing Real Estate. They were professional and responded very quickly. I got a fair offer and could not be happier! I recommend Fair House Offer and Swing Real Estate to anyone looking to selling their property hassle free and quickly."

Theo B.

Charles M.

“I cannot thank your company enough for helping me solve my real estate problems. I was behind on my mortgage payments, received a notice of default and needed someone to close quickly. Fair House Offer actually made up all of my back payments and continued to pay my mortgage which has helped me re-establish my credit. I cannot thank you enough.” - September 2015

Wendy S.

"Nearly 4 million Americans are more than 60 days behind on their mortgage, and countless others are only a paycheck away from missing a mortgage payment. You're not alone. " That's why we're here, to help home owners like you when you need it most.

“Thank you very much for everything. The bank was giving me trouble when my sister and I were trying to sell our late mother's house. Fair House Offer fought for us with the bank for 5 months and once everything was resolved they kept their word and purchased our mother's house. It was a stressful time but Fair House Offer was their to help us." - August 2015

Michael R.

"I am glad I was able to sell my house. Thank you Fair House Offer for making it happen!" - October 2015

Jonathan L.

"Use them! My wife and I contacted Fair House Offer and spoke with Ashley. He was very professional and heard our situation. He listened and we were able to sell our house in a couple of weeks at a good price. I recommend them and could not be more please with how responsive they are." - October 2015

Kevin F.

"Highly recommend! They bought our house fast and made the transaction very simple. The attorney mailed us the documents we needed to sign and also wired the funds when everything was complete. If you want to sell fast contact Fair House Offer and Swing Real Estate today" -December 2015

Randall R

Marla Agner

"My house was facing code violations and I kept getting letters from the code inspector so I found Fair House Offer online and contacted them. They met me at my house the next day and made me an offer. I have this property for years and it needed some work and updating. Fair House Offer made me a fair offer and handle the closing with the attorney. I'm glad a contact them and they relieved my stress of code violations and the monetary fees mounting up. Very professional and I recommend them to anyone wanting to sell their house fast." - October 2015

Richard S.

"It was nice doing business with you. Although I was somewhat skeptical at first, there was a peacefulness inside "saying go for it"! Moving through the process encouraged me. This was a learning and pleasurable experience; I'm elated with the end results...Thank you and your associates for responding so promptly. Be Blessed, Be Inspired!" -January 2016

Melva H.

"I needed to sell my home immediately and Ashley at Swing Real Estate was able to find an immediate solution that remedied a very stressful situation. He was very professional and very kindly walked me through the whole process. I would definitely recommend Ashley and Swing Real Estate." - June 2016

We are a real estate solutions and investment firm that specializes in helping homeowners get rid of burdensome houses fast. We are not realtors, we are investors and problem solvers who can buy your house fast with a fair all cash offer.